PART 1- You gathered the following partial information about Company B for the year 2020. Use this information to answer 1-5 below. $ 750,000 10,000 Sales revenue Depreciation expense 24 24 50,000 18,000 75,000 8,000 40,000 40,000 $ 200,000 Sales returns Cash 2$ Inventory 2$ Loss on sale of land 24 Salaries expense 2$ Income tax expense 2$ Gross profit 1. Calculate net sales. 2. Calculate cost of goods sold. he 3. Calculate operating income per the multi-step income statement. 4. Calculate income before taxes per the multi-step income statement. 5. Calculate net income per the multi-step income statement.
PART 1- You gathered the following partial information about Company B for the year 2020. Use this information to answer 1-5 below. $ 750,000 10,000 Sales revenue Depreciation expense 24 24 50,000 18,000 75,000 8,000 40,000 40,000 $ 200,000 Sales returns Cash 2$ Inventory 2$ Loss on sale of land 24 Salaries expense 2$ Income tax expense 2$ Gross profit 1. Calculate net sales. 2. Calculate cost of goods sold. he 3. Calculate operating income per the multi-step income statement. 4. Calculate income before taxes per the multi-step income statement. 5. Calculate net income per the multi-step income statement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer the following questions based on the information provided please!
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**PART 1 - You gathered the following partial information about Company B for the year 2020. Use this information to answer 1-5 below.**
| Item | Amount |
|-------------------------------|-----------|
| Sales revenue | $750,000 |
| Depreciation expense | $10,000 |
| Sales returns | $50,000 |
| Cash | $18,000 |
| Inventory | $75,000 |
| Loss on sale of land | $8,000 |
| Salaries expense | $40,000 |
| Income tax expense | $40,000 |
| Gross profit | $200,000 |
1. **Calculate net sales.**
2. **Calculate cost of goods sold.**
3. **Calculate operating income per the multi-step income statement.**
4. **Calculate income before taxes per the multi-step income statement.**
5. **Calculate net income per the multi-step income statement.**
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